| Publisher | Accenture | ||
|---|---|---|---|
| Format | Date added | 25 Jun 2007 | |
| Topics | Business Management, Inventory Management | ||
| Downloads | 49 | ||
In 1996 Best Buy faced a dilemma. The retailer had tripled in size over a three-year period to $8 billion in sales. However, causing the problems were the companyÂ’s inability to evolve its business processes as it grew. Best Buy teamed with Accenture in April 1997 in a unique and innovative risk/reward sharing arrangement designed to increase shareholder value and drive profits. Accenture helped Best Buy identify the items that needed to be priced low for it to be perceived as a low price retailer while pricing the less price-sensitive items more moderately. Also on the supply side, Accenture collaborated with Best Buy to overhaul its inventory management capacity. Customer Insight program helped Best Buy identify the characteristics of its most profitable customer group. As a result, the retailer realized it could reduce its wide assortments. The combined results of Best BuyÂ’s Scientific Retailing efforts were just as incredible.
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